Things to Consider for Starting your Own Business

We talked about starting your own business and what you needed to do once you hit the ground running. However, there are things you need to consider prior to beginning a business. There are things you need to consider prior to even figuring out what business you want or if you are even suited for working for yourself.
What to think about:
You need to have some serious thoughts in a logical order before you attempt a business of your own.
Am I suited to work alone?
There are some of us that are just not suited to work alone. So many people have fantasies about working for themselves and then once they start they find they needed structure instead. They lack the discipline to hack it on their own. So, you need to approach this with resolute honesty and say well, can I actually trust myself? Am I able to deal with meeting deadlines on time without procrastinating until I burn myself out doing it all at the last minute? If the answer is no, then you should maybe consider one of two things. One, don’t work for yourself or two, get a partner you can trust and have them push you.

Do I have the financial backup to work for myself?
Business takes time. You have to have time to develop and grow. This means you have to have the means to support yourself while you are building your business. So, you can maybe consider several things—one—a small business loan. You can get this from your bank but it may be hard with little or no credit. You can possibly go to a family member and secure a loan at a better interest rate and more leniency than a bank and you also stand a better chance of getting one.

Do I know if I have the personality for what I want to do?
Ask yourself if you are the right personality type for what you want to do. There also may be one element you can give to someone else if you intend to have a partner or employees. For example, if you are an introvert and you want to stick to the IT part of your business but what you do would entail sales—then—you should give that part of the business to someone that has that talent.
In any case, carefully dissect what suites you and stick with it!

Starting Your Own Business

th (3)Thinking about starting your own business? Here are some things you might want to consider before taking the big leap:

1. Everyone is different and therefore you should evaluate your own personality. Some people are not meant to work out of a home office. If your idea bank hinges on being around other people, then working alone isn’t the best option for you.

2. A basic formula for writing a business plan is to write down your vision of the business in five years. Write down in five-month increments how you intend to get there, and include things such as employees and number of clients. The more detailed the better.  My friend who owns a roofing business started with a 50 page business plan and now he has over 100 pages in his business plan.

3. A financial advisor can offer invaluable advice to protect income from unnecessary taxes. An accountant is necessary to keep the business in line with tax laws. Consider hiring both to deal with these technicalities, so you can focus on running your business.

4. Potential clients will request a sample of your work, so your best bet is to create a portfolio developed from former projects. Show off what you’ve done. Potential clients like to see your style of work beforehand to make sure they’re getting exactly what they’re paying for.

5. Last but definitely not least, every time you finish a project, kindly ask your client if they will refer other clients to you.

Big things start small – in garages!

famous companies

 

We started out like most big companies:  very small and in a garage…

 

but ours had a broken door and this door was help up by a piece of rope!

 

We didn’t set aside money for taxes… which we learned to do the hard way.

 

We didn’t have a bookkeeper… now we have four!

 

We weren’t organized.

 

We didn’t have systems…

 

We started on a wing and a prayer!

 

Now we have clients in ten nations!

 

Where did your company start out?